Custom Parametric Insurance Software

• Property and life insurance against natural disasters and extreme weather conditions: earthquake, wind, flood, hail, drought, wildfire, tropical cyclone, etc.
• Agriculture insurance (crop and livestock insurance, yield insurance) against weather and climate risks, insufficient production, and market price volatility.
• Business insurance against catastrophic events and business interruption: supply chain disruptions, cybersecurity breaches, power outage, etc.
• Travel insurance against flight delays and cancellations, luggage loss, and inappropriate weather conditions.
• Renewable energy project insurance against the lack or excess of solar radiation, rainfall, wind, etc.

• Setting up and updating payout triggers for various parametric insurance types:
  • Cat-in-a-box triggers (based on the event severity in a predefined area, e.g., a magnitude 4 earthquake within 50 miles of the insured facility)
  • Index-based triggers (based on the level of a chosen index, e.g., if the expected crop yield in the region falls below the predefined level).
• Configurable terms for policy duration and availability in particular regions.
• Rule-based or AI-powered analysis of historical loss and payout data and suggestions on the optimal coverage amounts (for particular peril indices, customer segments, etc.).
• (optional) Parametric insurance term formalization in the blockchain smart contracts for the fully automated and traceable claim settlement.

• Automated calculation of parametric insurance prices for various products and customer segments based on custom formulas.
• Scenario modeling and profitability analysis for various parametric insurance pricing strategies.
• Prescriptions on the optimal parametric insurance prices based on the analysis of demand, price elasticity, claim costs, risks, and profitability.
• Calculating personalized premiums for custom products based on the requested policy type, duration, coverage limit, client’s location, etc.

• Real-time capture of parametric insurance applications from multiple channels: a client-facing app, an agent portal, email, messaging apps, etc.
• Support for various insurance application formats (PDF, XML, etc.).
• Automated data extraction and validation using OCR, RPA, and AI technologies.
• Flagging the applications that contain missing, inaccurate, or contradictory data and automatically routing them for manual check.
• Geography-based KYC/AML verification for new customers.
• Automated billing for valid insurance applications.

• Customizable templates for various types of parametric insurance policies: business insurance, travel insurance, crop insurance, etc.
• Automated policy generation and submission to customers triggered by receiving a predefined premium payment.
• Automated policy updating with new customer data, coverage, and premium terms.
• Rule-based policy renewal or cancellation.
• Centralized storage for all issued parametric insurance policies.

• Automated capture and validation of risk-relevant data depending on insurance types:
  • Weather data.
  • Geospatial data.
  • Geopolitical data.
  • Telematics.
  • Trade market indices.
  • Flight data.
  • Traffic data.
  • Data breach reports, and more.
• AI-supported calculation of the probability of predefined payout triggering events.
• Real-time monitoring of exposure indices across various perils and locations.
• Alerts on the event severity levels reaching the predefined values.

• Automated payouts triggered by the pre-specified events, with no need for manual claim submission.
• (For hybrid parametric insurance) Automated collection and processing of the proofs of loss (e.g., images and videos of the damaged property and injuries) provided by policyholders.
• Customizable payout schemes, including:
  • Double-trigger payout schemes (partial payouts for the events of lower severity), e.g., X% of a pre-agreed limit is paid when daily rainfall exceeds 10 mm (first trigger) over five non-consecutive days (second trigger).
  • Staggered payout schemes (progressively higher payouts for the events of increasing severity), e.g., +Y% of a pre-agreed limit is paid for every mm of cumulative precipitation above a predefined threshold.
• AI-based triaging of claim payouts based on the analysis of event time and severity, predicted damage volume, etc.
• (for blockchain parametric insurance) Instant domestic and cross-border payouts in crypto.

• Automated calculation and tracking of parametric insurance metrics: sales, retention, claim settlement, financial performance, workforce productivity, etc.
• Customizable dashboards for various parametric insurance roles: agents, policy managers, risk analysts, etc.
• Automated reporting on the required parametric insurance KPIs.
• Forecasting of parametric insurance demand, total premiums written, and claim costs (by period, customer, product, region, etc.).

• Configurable self-registration forms for individual and corporate customers.
• Automated customer pre-qualification against the given requirements: age, location, etc.
• Automated premium payment processing via the connected payment gateways.
• Notifications to customers about the application status changes, successful payments, expiring documents, etc.
• AI-based chatbot to help customers solve operational, technical, and security issues.

Customer features:

• Managing and updating personal/business information.
• Template-based creation of parametric insurance applications.
• Paying premiums by a preferred payment method: bank transfer, card, digital wallet, direct carrier billing, etc.
• Uploading the proofs of loss and submitting them to the insurer.
• Full history of parametric insurance transactions.
• (optional) A self-service parametric insurance price calculator.

• Permission-based access control.
• Multi-factor authentication, including biometric authentication.
• A complete audit trail of parametric insurance activities.
• AI-powered fraud detection.
• Data encryption.
• Compliance with FIO, NAIC, NICB, IFRS17, OFAC, CCPA, CPRA, SOC1 and SOC2, GDPR (for the EU), NYDFS (for NYC), IA and SAMA (for the KSA), and other relevant global and local regulations.
• (optional) Parametric insurance data hashing, timestamping, and recording in the immutable blockchain ledger.